Osborne Clarke advises Headup on sale to Reforged Studios

Osborne Clarke has provided legal advice to German indie publisher Headup GmbH on its sale to Malta-based games group Reforged Studios. As part of the transaction, Reforged Studios is acquiring all shares in Headup, thereby strengthening its position as an international, developer-focused publishing partner for independent studios.

Headup, founded by Dieter Schoeller, is one of the leading independent publishers in the German-speaking market and is responsible for an extensive, multi-award-winning portfolio of indie titles, including “Bridge Constructor”, “Trüberbrook”, “Industria 2”, “Tinkertown”, “Pumpkin Jack” as well as the platformer “Super Meat Boy 3D”, which is due for release on 31 March. Headup’s most recently approximately 15-strong workforce will be fully retained as part of the takeover. Financial details of the deal have not been disclosed. The stakes in Goon Squad and Gamefairy are not part of the transaction.

Dieter Schoeller will remain Managing Director with responsibility for Headup’s operational business and will additionally take on the role of Chief Publishing Officer at Reforged Studios.

Strategic milestone in the indie publishing market

Headup and Reforged share the objective of building a premium, “developer-first” publishing ecosystem that offers independent studios long-term, reliable, curated partnerships and access to international infrastructure. Reforged is expanding its platform to include an established, highly curated indie brand with many years of expertise in visibility, marketing and community-building – in particular on platforms such as Steam.

Against the backdrop of increasing funding pressure, growing competition and an intense battle for attention in the indie segment, the transaction addresses a key need: stable, well-capitalised publishing partners that safeguard creative independence and authentic brand identity while at the same time facilitating access to global markets.

“Over many years, Headup has established itself as one of the most renowned independent publishing brands in the indie segment – characterised by a clearly curated portfolio, a genuine passion for the medium and a consistently developer-focused approach,” says Dr Fabian Christoph, Partner in the Corporate / M&A practice at Osborne Clarke. “The transaction demonstrates how strategic games groups are building a robust, long-term publishing ecosystem for independent studios, combining creativity with professional infrastructure and international scalability.”

Comprehensive advice on corporate and contractual matters

Osborne Clarke provided Headup with comprehensive advice on the corporate and contractual aspects of the sale to Reforged Studios. The advice covered, among other things, structuring of the transaction, negotiation of the purchase and participation documentation, as well as coordination of cross-border issues in the games and technology environment.

The Osborne Clarke team was led by Dr Fabian Christoph (Corporate / M&A) and included Alexandra Nautsch, Anne Müller (both Corporate / M&A), Konstantin Ewald, Adrian Schneider, Jonathan Platz (all IT), Ann-Kristin Lochmann (Tax), Sonja Riedemann (Employment), Reinhard Bunjes (Banking & Capital Markets) and Mathias Loertscher and Jasmine Khag (both Osborne Clarke UK / Corporate).